Edition 1450
18 November 2017
Edition: 1450

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BCP goes to court over Lone Star purchase of Novo Banco

by TPN/ Lusa, in Business · 07-09-2017 12:44:00 · 0 Comments

Portuguese bank BCP has gone to court to clarify a legal question regarding the guarantees
provided by the resolution fund to Lone Star, which bought Novo Banco (former BES), without
suspending the operation in progress, the CEO, Nuno Amado, said.

BCP goes to court over Lone Star purchase of Novo Banco

The BCP board of directors said in a statement that it took a decision it believed is most balanced.
“With the information we have about the operation, which is not complete, we consider it is very important to clarify a legal question, but they have not asked to suspend the operation”, the BCP boss said.
What is in question is the fact that in the agreement to sell 75 percent of Novo Banco to Lone Star, the bank resolution fund may be called to inject up to €3.89 billion into Novo Banco for losses that are recognised with the so-called toxic assets (non-performing loans and real-estate) and the sale of non-core operations that alter the bank’s capital ratios.

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Edition 1450
18 November 2017
Edition: 1450

Read this week's issue online exactly as it appears in print.

Twitter